Prime Minister Shehbaz Sharif thanked China for its unwavering assistance for Pakistan amid difficult economic times and stated their determination to shepherd the country out of catastrophe.
“China is fully supporting Pakistan, and $1 billion has been received from China,” the premier remarked on Monday at the Prime Minister’s National Innovation Awards ceremony in Islamabad.
China announced the refinancing of a $1 billion loan in Pakistan, which the State Bank of Pakistan (SBP) confirmed late Friday.
The refinancing was announced after Finance Minister Ishaq Dar informed the National Assembly’s Standing Committee on Finance and Revenue on Friday that China will refinance the $1 billion loan it had previously given to Pakistan.
“$1 billion will come from China today or Monday,” Dar told MPs. He also stated that negotiations with the Bank of China for a $300 million loan are ongoing. He also stated that Pakistan would benefit from China’s exchange agreement.
Earlier today, the prime minister hailed Saudi Arabia, Qatar, and the United Arab Emirates for assisting Pakistan during difficult times.
PM Shehbaz underlined the importance of repaying foreign loans, noting that friendly countries have also advised Pakistan to use foreign loans wisely in order to fully exploit natural resource potential.
According to the prime minister, Pakistan has been “blessed” with natural resources and has the potential to become self-sufficient.
“We will overcome the economic and financial challenges,” stated the premier.
He also recommended a non-partisan strategy to get the country out of its current dilemma, stating that all stakeholders, including opposition parties, needed to agree on an economic and foreign policy agenda to ensure that the policies were implemented.